VOTE#5. Transfer of Minto tokens from HECO to BSC chain

We propose to move the tokens used as HECO<>BSC bridge liquidity from the HECO blockchain to the BSC chain and transfer them to DEX (PancakeSwap) liquidity.

Why are we proposing this? Since the successful migration from HECO to BSC chain (see VOTE#2) on 10/05/2022, the HECO blockchain remains unchanged, the team is still inactive, and the risks associated with the termination of support for this blockchain are growing. Currently, there are about 2.4M $BTCMT tokens left in the HECO blockchain, 95.71% of which are used as liquidity in the HECO<>BSC chain bridge and were previously used as liquidity on MDEX. Bridge logic is set up in such a way that there are tokens that provide liquidity on both sides (BSC and HECO). For instance, if a user decides to send tokens from HECO to BSC, his tokens remain as liquidity in HECO, and tokens from the bridge balance are sent to BSC. There is no burning or minting. This process works both ways.

We believe that it makes sense to minimize the risks of liquidity loss associated with the possible HECO chain shutdown and use the tokens frozen in the HECO<>BSC bridge to develop the project and increase its attractiveness and liquidity.

Your decision will allow us to either launch the process of token transfer from HECO to BSC, or leave everything as is.

What will change and what are the benefits? We will withdraw unused liquidity from the bridge in the HECO chain We will initiate the burning of tokens previously used as bridge liquidity and MDEX liquidity (we will report a more accurate figure at the time of burning in the community and news) We are initiating the token minting process in the BSC chain We will replenish the Pancake Swap liquidity pool in the amount of the tokens we have minted We will swap tokens from HECO to BSC chain for any user who still hasn't done it for any reason

These changes are focused on increasing the project’s investment attractiveness, and will allow us to effectively use liquidity. In the future, Minto's positions in ratings, lists, and reviews will improve. “HECO is dead, let's admit it, transfer as many tokens as possible to the BSC chain and continue to move forward and develop.” - Nick, Minto CEO.

How will it work? Between 06/06/2023 and 06/12/2023, we will initiate token withdrawal from the HECO bridge and consolidate them in a team wallet. 06/12/2023 09:00 AM UTC(+00) will be the deadline for token consolidation, including transfers from users who still haven’t migrated to the BSC chain for any reason. We will do our best to contact them. On 06/12/2023, we will initiate the process of burning tokens in the HECO blockchain and their minting in the BSC chain. Before 06/15/2023 04:00 PM (UTC+00), we will send tokens to the PancakeSwap liquidity pool.

What is required for this to work? Voting on the blockchain will take place @ https://vote.minto.finance/#/ Voting period: 06/04/2023 to 06/06/2023 04:00 PM UTC(+00).

Over 51% "YES" votes are required to implement changes. If over 51% of the votes are "YES" votes, the changes will come into force on 06/06/2023 and we’ll begin to implement the scenario described in the “How will it work?” section.

The weight of your vote will be proportionate to the number of tokens you own.

You’ll be able to vote even if your tokens are currently on staking and auto-staking smart contracts. Connect your wallet, choose an option and vote.

If you have trouble voting or would like to know more details - join our community, we’ll definitely have a discussion here